Pacific Gold Corp. Redeems Convertible Debentures
TORONTO, Oct. 20 /PRNewswire-FirstCall/ — Pacific Gold Corp. (OTCBB: PCFG) announced today that it has completed a sale of its fleet of Komatsu Haul trucks. A portion of the proceeds from the sale were used to redeem convertible debentures previously sold to Yorkville Advisors. The principal remaining on the original face value of the $2,440,000 in notes sold to Yorkville is now $267,000.
As previously announced in March, Nevada Rae Gold conducted tests with a local hauling contractor that showed over the road trucks should greatly decrease operating and maintenance costs. It was decided that the capital tied up in the Komatsu trucks, would serve a better use by reassembling the production plant with the new desanding system and reducing the debt to Yorkville Advisors (formerly Cornell Capital Partners).
The Company is currently receiving quotes from contractors for the plant reassembly.
Nevada Rae Gold currently has over 1700 acres of land covered by claims and leases, located between the Cortez and Battle Mountain Trends. This northern area of Nevada is responsible for over 80% of all Gold Production in the U.S. The Company’s claims and leases contain up to 500,000 ounces of gold.
About the Company
The Company’s business plan provides for the acquisition and development of production-ready and in-production mining operations. The Company is focused on alluvial gold and base metals operations located in western North America. Pacific Gold Corp. owns five operating subsidiaries: Nevada Rae Gold, Inc. (“Nevada Rae”) owns and operates the Black Rock Canyon gold mine, located in north-central Nevada; Pilot Mountain Resources Inc. (“Pilot Mountain”) owns Project W, a large tungsten based deposit in Nevada; Fernley Gold, Inc. (“Fernley Gold”) acquired exclusive lease rights to mine the Lower Olinghouse Placers in north-western Nevada; Oregon Gold, Inc. (“Oregon Gold”) owns the Bear Bench claims and Defiance mine, located in south-western Oregon; and Pacific Metals Corp. (“Pacific Metals”) owns claims in San Juan and Delores Counties, Colorado, encompassing the historic Graysill Mine.
This news release includes forward-looking statements that reflect Pacific Gold Corp.’s current expectations about its future results, performance, prospects and opportunities. Pacific Gold Corp. has tried to identify these forward-looking statements by using words and phrases such as “may”, “will”, “expects”, “anticipates”, “believes”, “intends”, “estimates”, “should”, “typical”, “we are confident” or similar expressions. These forward- looking statements are based on information currently available to Pacific Gold Corp. and are subject to a number of risks, uncertainties and other factors that could cause the Company’s actual results, performance, prospects of opportunities in the remainder of 2008 and beyond, to differ materially from those expressed in, or implied by, these forward-looking statements.
Pacific Gold Corp.
CONTACT: Dan Schustack, CEOcast, Inc. for Pacific Gold at (212)732-4300; To find out more about Pacific Gold Corp. (OTCBB: PCFG), visit ourwebsite at http://www.pacificgoldcorp.com/, Or contact the Company directly at (416)214-1483